And of course if you have “income” the IRS requires you to confess it. Pretty funny!
That is so FUCKING stupid. The IRS is full of retards, as is Congress.
Is there a way to report and pay taxes on legitimate income without telling the IRS where that income came from?
You have to give them a category at least.
I mean, technically yes, but why hide it? Drug dealers could just put illegal drug dealing and income then pay taxes. The IRS doesn’t care as long as you pay your taxes. (brother was a tax accountant.)
Interesting. Years ago I knew a couple people with questionable (100% illegal) income and they laundred it through cash businesses.
So the IRS can’t talk to other Law Enforcement?
So, to keep the mood light.
If next year I made $50,000, all cash, officiating youth sports, and decided to do the right thing and claim it.
I could claim that it was made as a male prostitute and I would not get a knock at my door?
Not unless there is a court order. Al Capone didn’t go to jail for being a crook. He went to jail because he didn’t pay taxes.
Any deposits to bank accounts might be counted twice as the IRS assumes any deposit is income in the event of a tax audit if the $$$ are not traced
The IRS does not write the tax code, Congress does. The IRS enforces the code.
The entire basis of the tax code is that anything of value one receives is income unless there is language in the tax code that either excepts that income from taxation or allows costs to be deducted from that income before taxation. The concept is simple, but Congress has made the implementation very complicated and difficult.
I think it was former Treasury Secy. William Simon who said that the US needs a system of taxation that looks like someone designed it on purpose. He said that more than 50 years ago and it is still true.
No jimtoo, the common interpretation of “income” is a perverted definition. Income actually means profit!
That of course means that the cost is a part of the calculation. The amount received is the other part.
Thus, for example, if I loan you my shovel and then you bring it back, I do not “have income” because I received it! Same same with extra money you had withheld for the gestapo. After you do your 1040 confession if less was required, you may receive the extra you paid, and it is NOT so-called income.
The left constantly says that. It’s frightening how they don’t understand many companies have a small profit margin.